- Titan Machinery (NASDAQ:NASDAQ:TITN) reports equipment revenue dropped 37.4% to $243.78M in Q4.
- Parts revenue fell 5.4% to $47.95M and service revenue -6.2% to $27.6M.
- Segment revenue: Agriculture: $204.25M (-42.4%); Construction: $91.32M (-6.5%); International: $39.914M (+4.6%).
- Gross margin rate decreased 910 bps to 4.8% primarily due to the company's intensified efforts to sell aged equipment inventory in the current challenging market.
- Operating expense rate expanded 310 bps to 16.3%.
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FY2017 Guidance: Agriculture same-store sales: -13% to -18%; Construction same-store sales: flat; International same-store sales: flat; Equipments margins: 7.7% to 8.3%; Adjusted EPS: slight loss to break-even.
- TITN +4.78% premarket.